AG 1997 10 20 - Laserfiche WebLink

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ISSUe; Background: The resolution to allow Piedmont to utilize the installment contract method to finance real property in accordance with Sections 160A-20 and Section 122C-147 of the General Statutes. In April 1997 Cabarrus, Stanly, and Union Counties approved a resolution allowing the Piedmont Area Authority to purchase two building lots in Concord for an administrative office. Those lots were purchased. Piedmont now wishes to construct an approximately 16,800 square foot building on these two lots. This building will consolidate two rented office sites in Concord and one rented office site in Monroe into one site. Currently these three rented sites constitute 15,000 square feet and cost a yearly rent of $170,766. In addition to not renting space and developing an equity position, this consolidation of three offices into one will allow cost savings in secretarial support, telephones, copy machines, and computer equipment. We hope to build the building for $80 per square foot or a total cost of $1, 344,000. The current rental payments of $170,766 are available for the debt service. No county funds are utilized in Area Administration or in this construction project. Piedmont will follow all steps requked by the Local Government Commission in this project and must receive Local Government Commission approval for the financing. The following is the time table for the project: October 14 Piedmont Board holds required public hearing on the project and approves resolutions required by Local Government Commission. By end of October - Rowan, Stanly, Cabarrus, and Union County Commissions approve enclosed resolution. November 4 Local Government Commission meeting approves Piedmont's project and financing. November 11 - Piedmont Board meeting - Selecting financing bid - Award contracts based on bids June 1 Construction complete, move out of rented space.